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Avolon launches $5 billion term loan B-2 at Libor plus 225-250 bps
By Sara Rosenberg
New York, Sept. 11 – Avolon held a lender call at noon ET on Monday to launch a $5 billion senior secured term loan B-2 (Ba1/BBB-) due April 3, 2022 that is talked at Libor plus 225 basis points to 250 bps with a 0.75% Libor floor and a par issue price, according to a market source.
The term loan B-2 has 101 soft call protection for six months and amortization of 1% per annum, the source said.
Financial covenants include maximum loan to value ratio, maximum average age of aircraft and collateral concentration ratios.
Morgan Stanley Senior Funding Inc. is the lead bank on the deal.
Proceeds will be used to reprice an existing term loan B-2 from Libor plus 275 bps with a 0.75% Libor floor.
Commitments/consents are due at 5 p.m. ET on Thursday, the source added.
Avolon is an Ireland-based provider of aircraft leasing and lease management services.
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